Litecoin brands itself as an open source, peer-to-peer cryptocurrency that enables fast and near-zero payments between anyone, anywhere in the world.
Video Content:
00:23 What is Litecoin?
00:54 User and merchant adoption
01:15 Network usage stats
01:28 Litecoin versus Bitcoin
02:59 Key features
03:44 Key milestones
04:24 Future development
05:01 Token economics
05:30 Team
05:51 Strengths
06:29 Weaknesses
07:43 Conclusion
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Website: (development): https://litecoin.org
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What is Litecoin?
Litecoin brands itself as an open source, peer-to-peer cryptocurrency that enables fast and near-zero payments between anyone, anywhere in the world.
It was created in October 2011 by an ex-Google and ex-Coinbase engineer, Charlie Lee, as an alternative to Bitcoin. He wanted to create a cryptocurrency that would solve some of the issues faced by Bitcoin, such as transaction times, high transaction fees, and concentrated mining pools. He also wanted to enable larger-scale adoption by individuals and businesses.
Litecoin can be used by individuals to make purchases in the real world more easily than most other cryptocurrencies because it is supported by a growing number of wallets and crypto debit cards.
Litecoin has also made progress on the merchant side as they have been expanding their point-of-sale payment gateway and banking services to make it easier for merchants to accept Litecoin as a form of payment.
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Token Economics
Litecoin currently has a block reward of 25 LTC per block. Halving occurs every 840,000 blocks (approximately every four years) based on a block time of 2.5 minutes so the block reward is expected to drop to 12.5 LTC in around August 2019.
The circulating supply is currently 58,544,952 (as of October 1, 2018); this figure will gradually increase to the total supply of 84 million LTC sometime in the mid-2100s after which no new coins will be minted.
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Strengths
– Community – Having started out in 2011, Litecoin is among the oldest and most mature blockchain projects and has built a large community. Looking at the number of subscribers on the respective subreddits, Litecoin’s community is only behind Bitcoin and Ethereum.
– Litecoin has made good progress in terms of merchant adoption with point of sale, merchant payment gateways and banking services via Coingate, Coinpayments, Coinify, Coinbase Commerce, Gocoin, Paybear, etc.
– Due to its similarity with Bitcoin with the core code being essentially the same, Litecoin could potentially piggyback from research and development breakthroughs achieved by the Bitcoin community.
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Weaknesses
– Because it is a fork of Bitcoin, Litecoin does not have unique and/or superior features compared to other blockchains. Some consider Litecoin as a test network of Bitcoin and therefore, a lot of upgrades applying to Litecoin will also be implemented in Bitcoin as well (SegWit is an example). While this would add features to Litecoin that it otherwise would not enjoy, it also makes it less probable to have superior features unique only to Litecoin, making it difficult to standout.
– As a store of value, Litecoin falls behind Bitcoin significantly in terms of transaction volume and brand recognition, without any major differentiating features.
– As a medium of exchange, Litecoin had an advantage against Bitcoin in the early years because it has faster confirmation time, but the newer generation blockchains are even faster.
– Litecoin is backed by the Litecoin Foundation which does not have a lot of resources.
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Disclaimer
The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don’t invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.
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